Reverse Mortgage Santa Ana with Kevin A. Guttman

Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in Santa Ana CA is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate home equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower.

Eliminate Monthly Mortgage Payment

How does a reverse mortgage work in Santa Ana California

With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.

Santa Ana California reverse mortgage payment

Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage?

Geographic info for Santa Ana

Santa Ana (Spanish for ‘Saint Anne‘) is a city in and the county seat of Orange County, California, United States. Located in the Greater Los Angeles region of Southern California, the city’s population was 310,227 at the 2020 census. As of 2023, Santa Ana is the third most populous city in Orange County (after Anaheim and Irvine), the 14th-most populous city in California, and the 65th most populous city in the United States. Santa Ana is a major regional economic and cultural hub for the Orange Coast.

In 1810, the Spanish governor of California granted Rancho Santiago de Santa Ana to José Antonio Yorba. Following the Mexican War of Independence, the Yorba family rancho was enlarged, becoming one of the largest and most valuable in the region and home to a diverse Californio community. Following the American Conquest of California, the rancho was sold to the Sepúlveda family, who subsequently lost their land claim. In 1869, William H. Spurgeon then purchased the rancho and formally founded the modern city of Santa Ana.

Approximately four-fifths Hispanic or Latino, Santa Ana has been characterized by The New York Times as the “face of a new California, a state where Latinos have more influence in everyday life—electorally, culturally and demographically—than almost anywhere else in the country.”^[8]

Santa Ana is nested on flat, low-lying plains with little land elevation change. Running through the west end of the city is the mostly channelized Santa Ana River, which is also largely seasonal due to the construction of the Prado Dam and Seven Oaks Dam. The river caused several severe floods in the 20th century, and is a continued threat despite the existence of the dams.

Cityscape

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Now fully developed, Santa Ana has several distinct districts. The core of the city is the downtown area, which contains both retail and housing, as well as the Santa Ana Civic Center, which is a dense campus of administrative buildings for both the city and the county of Orange. The civic center is also home to the Ronald Reagan Federal Building and Courthouse. Several historic homes dating from the late 1800s can be found as well, and their preservation is a key issue as development of the downtown area continues.^[27]

North of downtown is the “Midtown” district along Main St., home to entertainment destinations such as the Bowers Museum, MainPlace Mall, and the Discovery Science Center.

Reverse mortgage rates Santa Ana California

As a homeowner, reverse mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. Reverse mortgage rates will vary opto the current market rates, loan amount and credit history. Contact the Kevin A. Guttman team to see what today’s mortgage rates are, call (877) 251-9709

Here are the benefits to a reverse mortgage.

You remain as the homeowner on title.
You still retain ownership of your home.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.
You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
You’ll still get your social security or your Medicare benefits.

Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage.

refinance your current reverse mortgage to access more equity

Santa Ana California reverse mortgage broker

Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on. Contact the team at Kevin A. Guttman to get more information on a reverse mortgage.

Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons.

Here are some reverse mortgage pros for your consideration.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.
You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
You’ll still get your social security or your Medicare benefits.

Here are the cons of a reverse mortgage.
Property taxes, homeowners insurance, other housing fees such as HOA dues or Flood insurance must be paid by you as with any home. You have to live in the home 6 months or more a year as your primary residence, and maintain the home.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.

What qualifies for a reverse mortgage in Santa Ana California

This particular type of home financing is only available to senior homeowners and the program has been recently reformed to be more fair and favorable towards seniors. A reverse mortgage, for many, is a solution that changes their life.

The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.

One couple we recently helped wanted to downsize to a house that had main floor living and no yard maintenance. They had enough equity in their home to qualify for the HECM For Purchase (H4P). They were able to purchase a home with main floor living in the neighborhood close to their grand kids and have NO monthly mortgage payment. For them, the cons of a reverse mortgage were outweighed by the benefits!

finance a new home with a reverse mortgage for purchase

access more money & better loan options with a reverse mortgage

Jumbo reverse mortgage in Santa Ana California

A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

Private firms and larger banks are generally responsible for jumbo reverse mortgages, however, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.

Reverse mortgage lenders near Santa Ana, California

If you want to know if a reverse mortgage is right for your situation, you can get a free confidential analysis. We’ll ask a few questions and can easily determine if your property qualifies for a reverse mortgage. Get your FREE confidential analysis.